GOODMAN BONDS FEBRUARY 2018 Arranger and Joint Lead Manager Joint - PowerPoint PPT Presentation

GOODMAN BONDS FEBRUARY 2018 Arranger and Joint Lead Manager Joint Lead Managers

This presentation contains the key terms of an offer of fixed rate secured debt securities by GMT Bond Issuer Limited ( Issuer ), a wholly owned subsidiary of Goodman Property Trust ( Goodman+Bonds ). The offer of Goodman+Bonds is made in reliance upon the exclusion in clause 19 of schedule 1 of the Financial Markets Conduct Act 2013 ( FMCA ). The Goodman+Bonds have identical rights, privileges, limitations and conditions (except for the interest rate and maturity date) as the Issuer’s: ＋ $100,000,000 fixed rate secured bonds maturing on 16 December 2020 (which have an interest rate of 6.20% p.a.) which are currently quoted on the NZX Debt Market under the ticker code GMB020 ( GMB020 Bonds ); ＋ $100,000,000 fixed rate secured bonds maturing on 23 June 2022 (which have an interest rate of 5.00% p.a.) which are currently quoted on the NZX Debt Market under the ticker code GMB030 ( GMB030 Bonds ); and ＋ $100,000,000 fixed rate secured bonds maturing on 31 May 2024 (which have an interest rate of 4.54% p.a.) which are currently quoted on the NZX IMPORTANT Debt Market under the ticker code GMB040 ( GMB040 Bonds ), (the GMB020 Bonds, the GMB030 Bonds and the GMB040 Bonds, together the Existing Bonds ). The Goodman+Bonds are of the same class as the Existing Bonds for the purposes of the FMCA and the Financial Markets Conduct Regulations 2014. NOTICE AND The Issuer is subject to a disclosure obligation that requires it to notify certain material information to NZX Limited ( NZX ) for the purpose of that information being made available to participants in the market and that information can be found by visiting www.nzx.com/companies/GMB. The Existing Bonds are the only debt securities of the Issuer that are in the same class as the Goodman+Bonds that are currently quoted. DISCLAIMER Investors should look to the market price of the Existing Bonds to find out how the market assesses the returns and risk premium for those bonds. This document does not constitute a recommendation by the Issuer, Goodman (NZ) Limited ( Manager ), Goodman Property Trust, Westpac Banking Corporation (ABN 33 007 457 141) (acting through its New Zealand branch), ( Westpac and the Arranger ) Deutsche Craigs Limited or First NZ Capital Securities Limited (together with Westpac, the Joint Lead Managers ), Public Trust ( Bond Trustee and the supervisor), nor any of their respective directors, officers, employees or agents to subscribe for, or purchase, any of the Goodman+Bonds. To the extent permitted by law, the Manager, the Arranger, the Joint Lead Managers, the Bond Trustee and any of their respective directors, officers, employees or agents accept no liability whatsoever for any loss arising from this document or its contents, or otherwise in connection with the offer or any person’s investment in the Goodman+Bonds. A terms sheet ( Terms Sheet ) has been prepared by the Issuer in respect of the offer of Goodman+Bonds, which sets out how Goodman+Bonds may be applied for. The distribution of this presentation, and the offer or sale of the Goodman+Bonds, may be restricted by law in certain jurisdictions. Persons who receive this presentation outside New Zealand must inform themselves about and observe all such restrictions. Nothing in this presentation is to be construed as authorising its distribution, or the offer or sale of the Goodman+Bonds, in any jurisdiction other than New Zealand and the Issuer accepts no liability in that regard. The Goodman+Bonds may not be offered or sold directly or indirectly, and neither this presentation nor any other offering material may be distributed or published, in any jurisdiction except with the prior consent of the Issuer and in conformity with all applicable laws and regulations of that country or jurisdiction. Application has been made to NZX for permission to quote the Goodman+Bonds on the NZX Debt Market and all the requirements of NZX relating thereto that can be complied with on or before the distribution of the Terms Sheet have been duly complied with. However, NZX accepts no responsibility for any statement in this document. NZX is a licensed market operator and the NZX Debt Market is a licensed market under the FMCA. Goodman+Bonds Unless otherwise indicated, all numerical data provided in this presentation is stated as at 30 September 2017 and all property statistics are as at 31 December 2017. All figures are rounded. 02 All figures are in New Zealand dollars .

INVESTMENT HIGHLIGHTS security ＋ first ranking security over a portfolio investment grade investment grade of prime property assets BBB+ BBB+ ＋ security shared equally on a pro rata basis with existing bondholders, USPP noteholders and lenders under GMT’s bank facility expected issue credit rating expected issue credit rating proven business model term term 5½ years years ＋ listed property trust investing in prime industrial and business space real estate predominantly in Auckland ＋ high quality property portfolio with a book value of $2.6 billion 1 , a weighted size size average lease term ( WALT ) of 6.1 $75m $75m years and an occupancy rate of 97.6% ＋ stable income stream supported by a Up to $75m with up to $25m of over subscriptions Up to $75m with up to $25m of over subscriptions high quality customer base ＋ strong balance sheet with a The Crossing — Highbrook Business Park conservative level of debt Goodman+Bonds 03 1 total property portfolio includes GMT’s proportionate share in the properties owned by its Viaduct joint venture.

CONTENTS Business focus 05 Presented by: Investment portfolio 09 Keith Smith Development programme 14 Chairman & Independent Director Attending Auckland only Financial overview 20 Andy Eakin Capital management 23 Chief Financial Officer +64 21 305 316 Business outlook 26 James Spence Goodman+Bonds 28 Director - Investment Management +64 21 538 934 Questions & thank you 34 Selected abbreviations Square metres sqm Net lettable area NLA Year to date YTD Goodman+Bonds 04

BUSINESS BUSINESS FOCUS FOCUS ACCO — Highbrook Business Park Goodman+Bonds 05

GOODMAN PROPERTY TRUST Assets by region $2.6 bn 1 97.6% ＋ GMT is a listed unit trust that invests in prime industrial and business total property property Auckland space property, predominantly in portfolio occupancy Auckland ~99% ＋ externally managed by ASX-listed Goodman Group $1.7 bn 2 1m sqm ＋ Board of the Manager has a majority net market of independent directors, elected by lettable area capitalisation GMT investors ＋ Goodman Group is GMT’s largest unitholder, currently holding 21% of 6.1 the units in GMT 200+ years ＋ total property portfolio of $2.6 billion 1 Christchurch WALT customers ＋ GMT has a BBB (stable) corporate ~1% credit rating 32.4% 3 6.5% ＋ GMB020 Bonds, GMB030 Bonds weighted Loan to value and GMB040 Bonds have a BBB+ average ratio (look (stable) credit rating capitalisation through rate basis) Goodman+Bonds 1 total property portfolio includes GMT’s proportionate share in the properties owned by its Viaduct joint venture. 2 market capitalisation of Goodman Property Trust Ordinary Units as at 31 January 2018. 06 3 on a proportionately consolidated basis including GMT’s interests in its Viaduct joint venture. Holders of Goodman+Bonds will receive the benefit of a separate loan to value covenant which is described in more detail on slides 30 and 31.

REINFORCING STRATEGIC GOALS ＋ prime investment portfolio with strategic land holdings situated in key industrial locations prime portfolio ＋ focused on Auckland, New Zealand’s gateway city ＋ development programme improving asset quality and growth profile of GMT ＋ assets actively managed to maximise earnings, value and balance sheet strength prudent capital management ＋ gearing currently within 30% to 35% range, with strong liquidity profile ＋ sustainable growth with asset recycling funding development and investment activity ＋ diversity of capital sources ＋ asset sales enabling de-gearing and funding of development pipeline ＋ Goodman Group, a long term partner committed to the New Zealand market and current strongly aligned manager business structure ＋ Manager’s relationships provide access to international customers, investors and global capital markets Goodman+Bonds 07

BUILDING EXCELLENCE ＋ positive economic outlook continues, particularly in Auckland operating outlook ＋ property markets reflecting increased customer demand with high occupancy levels and improved rental growth ＋ operating conditions supporting an organic growth strategy with new development and active strategy investment activity funded through asset disposals ＋ continued focus on realising the value in GMT land holdings with around $100 million of new development projects targeted per annum ＋ active portfolio management, maximising rental income and asset values ＋ focused on cash earnings to maximise unitholder value strong financial focus ＋ sustainable level of distributions to support investment activity Goodman+Bonds 08

INVESTMENT INVESTMENT PORTFOLIO PORTFOLIO Ford — Highbrook Business Park Goodman+Bonds 09

AUCKLAND ESTATES Viaduct joint venture Concourse Industry Park Tamaki Estate Penrose Industrial Estate Connect Industrial Estate The Gate Industry Park Highbrook Business Park Savill Link Westney Industry Park M20 Business Park